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Effective Demand and Say’s Law in Marxist Theory

15 October, 2018 Leave a comment

GPERC cover

The new version of my working paper “Effective Demand and Say’s Law in Marxist Theory: An Evolutionary Perspective” is now available here. Comments and suggestions are welcome. Direct link to PDF file here.

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Effective Demand and Say’s Law in Marxist Theory: An Evolutionary Perspective

Abstract

In this paper I theorize the roles of effective demand and Say’s Law in the Marxist theory of exploitation and accumulation. I claim that an exogenous rate of exploitation implies deploying the strongest version of Say’s Law, which leads profit rates not to equalize across sectors. Marx’s own procedure in Capital III was therefore logically mistaken. Once Keynes’ principle of effective demand is introduced, the rate of exploitation, and hence the distribution of income between wages and profits, becomes endogenous to aggregate demand. Profit rates can then equalize across sectors and prices of production can function as gravitational centers for market prices in a competitive economy. I develop an innovative evolutionary approach to demonstrate how effective demand, within the Marxist framework, determines the rate of exploitation and the rate of profit. At the intersection of Marx, Keynes, and Kalecki, my evolutionary framework integrates effective demand, functional income distribution, profit rate equalization, technological diffusion, and the gravitation towards prices of production.

Key words: Marx, Keynes, Kalecki, Effective Demand, Say’s Law

JEL codes: B51, C73, D20

Oxford Handbook of Karl Marx

15 October, 2018 Leave a comment

I am glad to announce that some chapters of the forthcoming Oxford Handbook of Karl Marx (edited by Matt Vidal, Tony Smith, Tomás Rotta, and Paul Prew) are now available for free download. Our handbook will feature over 40 chapters from several scholars. The print version of the full volume is expected to come out in April 2019. The table is contents is available here. Link to the handbook here. My chapter on the “Commodification of Knowledge and Information“, co-authored with Rodrigo Teixeira, is available here.

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Abstract

Karl Marx is one of the most influential writers in history. Despite repeated obituaries proclaiming the death of Marxism, in the 21st century Marx’s ideas and theories continue to guide vibrant research traditions in sociology, economics, political science, philosophy, history, anthropology, management, economic geography, ecology, literary criticism and media studies.

Due to the wide influence and reach of Marxist theory, including over 150 years of historical debates and traditions within Marxism, finding a point of entry can be daunting. The Oxford Handbook of Karl Marx provides an entry point for those new to Marxism. At the same time, its chapters, written by leading Marxist scholars, advance Marxist theory and research. Its coverage is more comprehensive than previous volumes on Marx in terms of both foundational concepts and empirical research on contemporary social problems. It also provides equal space to sociologists, economists, and political scientists, with substantial contributions from philosophers, historians and geographers.

The Oxford Handbook of Karl Marx consists of seven sections. The first section, Foundations, includes chapters that demonstrate that the core elements of Marx’s political economy of capitalism continue to be defended, elaborated and applied to empirical social science, including historical materialism, class, capital, labor, value, crisis, ideology, and alienation. Additional sections include Labor, Class, and Social Divisions; Capitalist States and Spaces; Accumulation, Crisis and Class struggle in the Core Countries; Accumulation, Crisis and Class Struggle in the Peripheral and Semi-Peripheral Countries; and Alternatives to Capitalism.

List of contributors

Gilbert Achcar, Kevin B. Anderson, Deepankar Basu, Paul Blackledge, Lin Chun, Brett Clark, Debarshi Das, Nicholas De Genova, Pat Devine, Barry Eidlin, John Bellamy Foster, Alan Freeman, Martha E. Gimenez, Sam Gindin, Henry Heller, John Holloway, Peter Hudis, Bob Jessop, Walda Katz-Fishman, Andrew Kliman, David Laibman, David Mandel, Terrence McDonough, Mark McNally, Fred Moseley, Patrick Murray, Bertell Ollman, Leo Panitch, Leda Maria Paulani, Jeff Powell, Paul Prew, Jan Rehmann, Geert Reuten, Tomás Rotta, Magnus Ryner, Jerome Scott, Tony Smith, Guido Starosta, Dan Swain, Erik Swyngedouw, Rodrigo Teixeira, Matt Vidal, Erik Olin Wright